Summary: Gary Becker and Kevin Murphy present a testable, analytic framework for measuring how people make choices by including the social environment along with standard goods and services in their utility functions. These extended utility functions provide a way of analyzing how changes in the social environment affect people's choices and behaviors. More important, they also provide a way of analyzing how the social environment itself is determined by the interactions of i ...show morendividuals. ...show lessEdition/Copyright: 00
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